Microvision was one of the worst performing tech stocks in Washington state last year, losing more than 80 percent of its value as the maker of Pico projection systems, laser technologies and in-vehicle displays saw losses continue to mount. And while the stock surged last week, it is falling more than 13 percent today after the Redmond company announced earnings that once again disappointed Wall Street.

Despite cutting its cash consumption, Microvision still posted a net loss of $35.8 million in 2011. Net loss for the fourth quarter stood at $9.8 million, down from $15.4 million for the same period in 2010. Meanwhile, it finished the year with $13 million in cash on the books.

Despite the struggles, CEO Alexander Tokman offered an upbeat message in today’s earnings call in which he declared that “no great endeavors in history were accomplished without pain and sacrifice.”

Here’s more from his concluding remarks today:

“There is no question this is a critical year for us. It is also a very exciting year for us, because we feel, I feel, like the biggest external limitation, which is green laser, is being addressed. Of course, I don’t want to fool you, it doesn’t imply that there are no risks left. But I feel like we are closer than ever to introduce a technology platform that has the bright future to carry us forward. And based on what we and our partners planned, the future starts this year.

The direct green laser is becoming a reality this year, not 2014, as some led you to believe. Our progress on the new engine with Pioneer is on track at this point in time, and the market demand for our technology has intensified and people were excited to see HD solutions that is smaller than anything they have ever seen. And we are creating new and exciting applications that facilitate adoptions of our technologies such as touch interactive, gaming, 3-D.

This year, as last year, our goal is to walk the talk…. Obviously, I’d be remiss not to acknowledge the pain that all of us had to endure since last August, watching our stock taking a hit. But we are keeping our eyes on the big prize. The execution by us and our go-to-market supply partners will be key this year, and everybody understands the importance.

The most important part — remember — is that the vision and the ultimate goal are still in tact. We want to redefine how people on the move view and interact with information, and we also want to become a preferred display solution provider for consumer electronic and automotive OEMs. The only thing I can say is that no great endeavors in history were accomplished without pain and sacrifice, and I want to thank you for supporting us as we navigate and pave the way for you and for ourselves through a road less traveled. Thank you again.”

John Cook is GeekWire's co-founder and editor, a veteran reporter and the longest-serving journalist on the Pacific Northwest tech startup beat. Follow him @johnhcook and email john@geekwire.com.